VP Property Development at Housing And Community Services Inc

San Antonio, Texas, United States -

Full Time

Start Date

Immediate

Expiry Date

04 Jun, 26

Salary

0.0

Posted On

06 Mar, 26

Experience

10 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Project Management, Leadership, Team Management, Negotiation, Real Estate Investment Analysis, Financial Projections, LIHTC, FHA, Freddie Mac, Fannie Mae, Due Diligence, Financial Analysis, Contract Negotiation, Permitting, Budget Review, Site Visits

Industry

Individual and Family Services

Description

Description About Prospera Prospera has been empowering families since 1993 by providing safe, high-quality affordable housing with support services to those in need. As a mission-driven, values-based nonprofit, Prospera is committed to fostering family stability and a strong sense of community by addressing individual needs. At the heart of our work are our core values: integrity, accountability, excellence, commitment, dignity, fairness, and respect. These core values are our guiding principles and shape everything we do, from how we serve our residents, to how we support one another as a team. At Prospera, every team member plays a vital role in advancing our mission. We welcome passionate individuals who are ready to make a meaningful difference in the lives of others. Position Summary Under direction of the Executive Director/CEO, uses knowledge and skills obtained through training, education and experience to pursue planned growth per the Prospera Housing Community Services (Prospera HCS) Strategic Plan and to pursue funding to preserve and maintain the existing Prospera HCS portfolio. Performs analysis of potential affordable multi-family real estate investments, with a focus on Texas. In cooperation with the Asset Management Team, prioritizes rehabilitations of existing properties and identifies sources of funding, especially low-income housing tax credits. Identifies relevant issues regarding operating sustainability of current properties and potential acquisitions. In cooperation with the VP of Property Management/Resident Services and VP of Construction, coordinates seamless transition of development projects to property management. Must be able to operate within a team environment and in keeping with the Prospera HCS strategic plan. Essential Job Duties/Responsibilities Promotes Prospera HCS planned, sustainable growth and preservation of the existing portfolio by obtaining funding for acquisition of new properties or major rehabilitation/reconstruction of existing properties. This responsibility includes: Cooperates and coordinates development efforts with 3rd party consultants and co-developers engaged by Prospera HCS Creates, maintains, and updates checklist of outstanding due diligence items Completes due diligence; Negotiates sale/purchase; Prepares and coordinates the assignment of any HAP Contract package and/or transfer of physical assets to new entities in the context of an acquisition or major rehabilitation project; Closes the transaction; Prepares application and all documentation required to apply for a FHA loan; Completes immediate repair analysis for any existing property; Obtains bids from contractors for immediate repairs required for any acquisition; Applies for and obtains interim and/or permanent financing as needed : Engages attorneys, FHA lenders, brokers and contractors; and Supervises, documents, and draws required funds for immediate repairs rehab work. Analyzes the existing portfolio and new construction possibilities and determines which housing developments attain the Analyzes Qualified Allocation Plan(s) (QAP) and other Competitive Funding Source Regulations. Knows the Application Procedures. highest probability of allocation for the current QAP. Prepares conceptual financial analysis for 4% and 9% underwriting as applicable. Prepares Tax Credit Applications Prepares a preliminary critical path schedule showing timing of key project milestones Obtains and closes financing for the development taking the lead in negotiations Prepares and submits financing packages to lenders. Negotiates with syndicators and equity providers to secure equity for each transaction. Clearly documents loan and partnership terms for file and for approval Creates and maintains up-to-date proformas that accurately reflect the project budget, expenses to date and financing plan Applies for and obtains required government permits and approvals Obtains plan approvals Oversees the community support process Oversees the building permit process Interacts with architects, engineers, contractors, attorneys, and other consultants through the development process representing Prospera HCS’s best interests Reviews operating budget for reasonableness and completeness and compares to portfolio averages, other comparable properties, third party estimates and information. Contacts tax assessors, insurance agents, and utility providers to independently confirm expense estimates. Coordinates with Prospera HCS staff (Asset Managers) relative to property tax exemptions and valuations of new acquisitions or major rehabilitations. Conducts site visits which include a thorough review of the subject property and surrounding neighborhood, and overall market. Provides conclusions regarding the prospective investment's competitive advantages and disadvantages relative to the market and determines the financial viability of the prospective investment. Establishes and maintains rapport with TDHCA, HUD and its contractor administrator, and local municipality personnel. Recruits, trains, motivates and evaluates development team personnel. Reviews performance of development team's portfolio and provides feedback to the Executive Director/CEO, Finance Committee and Prospera HCS Board. Requirements Knowledge/Skills/Abilities Knowledge of: Company's working structure, policies, mission, purpose, and strategies. Fundamental concepts, principles and practices of Low-Income Housing Tax Credit (LIHTC), bonds and other types of acquisition and/or rehabilitation funding Strong understanding of affordable housing development FHA, Freddie Mac and Fannie Mae Fundamental concepts, principles and practices of the real estate industry Principles of banking and finance industry operations Skills in: Project management Leadership and team management Communicating effectively both orally and in writing Effective negotiation Reading and understanding standard real estate and LIHTC specific documentation Real estate investment risk analysis Real estate financial projections and reporting Operating standard office equipment and using required software applications including Microsoft Office to produce correspondence, reports, electronic communication, and spreadsheets Ability to: Work independently as well as collaboratively within a team environment Organize, manage and track multiple detailed tasks and assignments with frequently changing priorities in a fast-paced work environment to meet required results Identify required tasks, develop timelines and execute Analyze data, identify issues, draw logical conclusions and interpret results for use in decision making Provide accurate and high quality work product in a timely manner Convey information clearly and effectively through both formal and informal documents Gather data from multiple sources, review, and accurately input data into various spreadsheets or database Proactively demonstrate readiness and ability to initiate action Project a positive, professional image both internal and with external business contacts Assume full responsibility and accountability for own actions Demonstrate uncompromising adherence to ethical principles Supervisory Responsibilities This position has direct supervisory responsibility for members of the Property Development Team, including the AVP Property Development and Project Managers. Education & Experience Required Bachelor's degree (B.A.) in business, finance, accounting or related field; Master’s degree preferred Minimum of 10 years’ experience in real estate/property development or similar field, with a focus on affordable multi-family housing preferred ~or~ Any equivalent combination of experience, education, and/or training approved by the Executive Director/CEO. Licenses/Certifications: Real Estate Broker's License preferred Communication Required Fosters a positive work environment embracing the Mission and Core Values of Prospera (Integrity, Accountability, Excellence, Commitment, Dignity, Fairness and Respect). Working Conditions: This is a full-time position that will require occasional evening and weekend work for community meetings, events, and urgent project needs. This is a hybrid position with frequent travel to development sites as necessary. The candidate must reside within the San Antonio, Texas area. Physical and Mental Requirements Prolonged periods of sitting at a desk and working on a computer. Must be able to lift up to 15 lbs. Must be able to access and navigate each department at the organization’s facilities. The mental work demands regular attendance, working well with others, verbal contact with others, noise and occasional travel by conventional means including motor vehicle and the like within Prospera’s region and other locations as required. Collaboration and Teamwork at Prospera All roles at Prospera contribute to our shared mission of providing safe, high-quality affordable housing with support services to those in need. As such, we value collaboration across departments and levels of the organization and expect all team members to work together in service of that mission. This means actively communicating with peers, informing colleagues of necessary and helpful information across functions, and modeling collaborative approaches to work. Regardless of role or title, every team member is part of a collective effort, and we succeed when we coordinate, share knowledge, and support each other in the pursuit of our goals. Prospera’s success and the ability to serve our mission ultimately relies on cross-functional teamwork, and collaboration is a standard expectation for every role. Leadership Expectations Be Accountable Take ownership of your work, follow through on commitments, hold your team accountable for results, and take responsibility for your impact. Act Like an Owner Approach your work with initiative, urgency, and the mindset that the organization’s success is your responsibility. Hold Weekly or Bi-Weekly 1:1s with Direct Reports Meet regularly to check progress, provide support, and offer feedback. No one should feel directionless or out of the loop. Follow Policies and Procedures Ensure you and your team are operating within organizational and regulatory guidelines. Ask for clarification when needed. Communicate Communicate clearly, consistently, and appropriately across all levels of the organization. Proactively share information with peers, solve problems together, and coordinate across departments regularly. Represent the Organization Well Model professionalism, responsiveness, and alignment with our mission — inside and outside the organization. Be Respectful Showing regard and consideration for others and showing respect for diverse opinions. Ensuring that all voices are heard during meetings, including but not limited to Regional and Team meetings. No use of electronic devices during meetings, including but not limited to All Staff, Regional, and Team meetings, unless absolutely necessary. Confidentiality This position may have access to confidential and sensitive information, including resident information, financial data, organizational strategies, and personnel matters. Employees are expected to handle all such information in accordance with Prospera’s confidentiality policies and applicable laws, ensuring it is shared only with individuals who have a legitimate business need to know. Maintaining discretion and protecting the privacy of employees, residents, and the organization is a critical requirement of this role.

Responsibilities

This role is responsible for pursuing planned growth and preserving the existing portfolio by securing funding for new acquisitions or major rehabilitations, which involves extensive due diligence, negotiation, and financing application processes. The VP will also analyze potential investments, determine funding probabilities based on regulations like QAP, and oversee the development process from financing to permit approvals.